Nothing screws up a beautiful day out on the river more than having to deal with mechanical problems with a reel while your buddy just found the only hole that is holding a lot of eager fish. Unless you break that rod into several pieces it will fish.
My feelings on a good day of fishing is a full day with no problems, catching fish is an added bonus. I've fished with cheap rods for years and never had any problems. But cheap reels can be a continous problem with birds nests, drag problems, broken handles etc. Any of these little problems really can make a day on the river miserable. So if I had to choose, A good dependable reel to me is more important than the rod. But fortunately, being afflicted with steelhead feever, all around quality overcomes me. (Good rod+good reel+good line = good time)

Duke